Sixt Aktiengesellschaft by yaosaigeng

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									                             Sixt Aktiengesellschaft
                     Interim Report as at 30 September 2006



Contents

1. Summary ...................................................................................................................... 2

2. Report on the Position of the Sixt Group........................................................................... 2
2.1 General Developments in the Group .............................................................................. 2
2.2 Vehicle Rental Business Unit......................................................................................... 4
2.3 Leasing Business Unit .................................................................................................. 5
2.4 Outlook ....................................................................................................................... 6

3. Consolidated Balance Sheet ........................................................................................... 7

4. Consolidated Statement of Changes in Equity .................................................................. 8

5. Consolidated Earnings Development ............................................................................... 9

6. Consolidated Cash Flow Statement ............................................................................... 11

7. Other Information about the Group ................................................................................ 13
7.1 Accounting ................................................................................................................ 13
7.2 Accounting Policies, Consolidated Group ..................................................................... 13
7.3 Sixt Group Revenue Development ............................................................................... 13
7.4 Segment Reporting .................................................................................................... 13
7.5 Employees ................................................................................................................ 14
7.6 Investments ............................................................................................................... 15




                                                                                                                                   1
1. Summary


   •   Sixt reports record revenue and earnings for the third quarter of 2006
   •   Business growth continues in both Business Units
   •   13.9% rise in operating revenue in the first nine months
   •   Profit before taxes (EBT) of 97.2 million euros after nine months already exceeds
       EBT for full-year 2005
   •   Revenue forecasts for full-year 2006 confirmed, earnings forecast raised again


In Q3 2006, business development at Sixt AG, Germany's largest car rental company and
one of the leading vendor-neutral and non-bank providers of full-service leasing,
continued its buoyant performance of the first six months. The period from July to
September was the most successful quarter in the Group’s history to date. On the basis
of sustained increases in business in both Business Units, Vehicle Rental and Leasing,
the Managing Board has confirmed its forecasts for full-year 2006 in full, and has again
raised its earnings forecast.


2. Report on the Position of the Sixt Group

2.1 General Developments in the Group


Total consolidated revenue of the Sixt Group for the first nine months of the current financial
year reached EUR 1.09 billion, an increase of 7.0% as against the same period of 2005
(EUR 1.02 billion).


Operating revenue from rental and leasing activities – the best measure of the Sixt Group’s
performance – rose by 13.9% to EUR 903.3 million, from EUR 793.4 million in the first nine
months of the previous year. This means that growth was within the target corridor of 10 to
15% for the year as a whole. Both Business Units, Vehicle Rental and Leasing, contributed
to the significant increase in revenue. Foreign business gained increasing momentum:
consolidated operating revenue from abroad rose by 24.4% in the nine-month period, from
EUR 136.3 million to EUR 169.6 million. This lifted the international share of total operating
revenue from 17.2% in the first nine months of 2005 to 18.8%.


The growth in revenue is primarily the result of a further ramp-up in sales activities, which
has led to an increase in Sixt’s customer base, especially abroad. Private customer offerings
such as the Sixt Holiday Cars holiday rental vehicle programme are also enjoying increased



                                                                                                  2
popularity. In addition, Sixt is benefiting from the general improvement in economic
conditions in Germany and other European countries, which has had a positive effect on
business travel.


Sales of used leasing vehicles, which are reported as revenue in contrast to revenue from
the sale of used rental vehicles and which can fluctuate considerably in some cases,
amounted to EUR 180.3 million in the first nine months (Q1-3 2005: EUR 219.7 million; -
17.9%). The decline was due to lower sales revenue in the second and third quarters in
connection with refinancing measures.


Consolidated earnings before net finance costs and taxes (EBIT) grew by 28.0% to
EUR 127.1 million in the first three quarters, compared with EUR 99.3 million in the same
period of the previous year, thus significantly outstripping the growth in revenue.
Consolidated profit before taxes (EBT) reached EUR 97.2 million and thus exceeded the
figure for 2005 as a whole (EUR 90.9 million). This represents an increase in EBT of 48.9%
as against the first nine months of 2005 (EUR 65.3 million). Foreign business contributed
EUR 13.6 million to consolidated EBT in the first three quarters (Q1-3 2005: EUR 5.1 million;
+ 167%).


The significant growth in earnings was generated in the Vehicle Rental segment. In the
Leasing segment, EBT for the first nine months was marginally below the previous year’s
figure, although earnings increased again in the third quarter. The "Other" segment, which
comprises in particular income from e-commerce transactions and holding company
activities, recorded EBT of EUR 1.5 million for the first nine months, after EUR 1.2 million in
the same period of the previous year.


Sixt’s consolidated revenue rose 4.3% in Q3 2006, from EUR 344.6 million in Q3 2005 to
EUR 359.5 million. Operating revenue from rental and leasing business rose by a
substantial 15.6%, from EUR 271.4 million to EUR 313.6 million, the highest value ever
recorded in a single quarter. At EUR 44.8 million, revenue from the sale of used leasing
vehicles in connection with the refinancing measures, by contrast, was 38.0% lower than in
Q3 2005 (EUR 72.3 million).


EBIT for the third quarter grew by 42.6% to EUR 49.8 million (Q3 2005: EUR 34.9 million).
Since the most important cost items rose only moderately, the growth in earnings was
significantly higher than the growth in operating revenue.




                                                                                                  3
EBT was EUR 34.9 million in the third quarter, an increase of 21.0% on the figure for the
previous year (EUR 28.8 million). This is the highest quarterly result achieved in the Group’s
history to date.


It is encouraging overall that revenue and earnings grew faster in the third quarter than in
the second quarter of 2006, even though Sixt’s business had already improved significantly
in the course of 2005 and the comparable figures had therefore risen from quarter to
quarter.




2.2 Vehicle Rental Business Unit

In the third quarter, the Vehicle Rental Business Unit focused on driving forward the
internationalisation of its activities. Between the beginning of the year and the end of
September, Sixt entered nine new countries by concluding franchise agreements: Algeria,
Argentina, Australia, Bahrain, Chile, Moldavia, Mongolia, Pakistan and Singapore.
Moreover, since the beginning of 2006, Sixt has had its own rental offices in Spain; the
network of rental offices in Majorca and the well-known holiday destinations on the
Mediterranean coast is to be expanded rapidly. Business in Spain again performed well in
the third quarter with high growth rates.


Overall, the Sixt brand is now represented in over 85 countries throughout the world. Out of
this total, 8 European countries (Germany, Belgium, France, the UK, the Netherlands,
Austria, Switzerland and Spain) are corporate countries, where Sixt operates its own rental
offices.


In line with the Company’s international expansion, its global network of rental offices grew
significantly in the first nine months of this year. As at the end of September, Sixt had 1,556
rental offices (own offices and franchisees), 113 offices more than as at 31 December 2005
and 24 more than at the end of Q2 2006.


Increased sales activities again helped the Vehicle Rental Business Unit achieve a rise in
the number of customers in Germany and abroad in Q3 2006.


In the first nine months of 2006, the Vehicle Rental Business Unit recorded rental revenue of
EUR 648.8 million. This represents an improvement of 13.6% over the same period of 2005
(EUR 571.2 million). Rental revenue for the third quarter was EUR 230.2 million (Q3 2005:




                                                                                                  4
EUR 196.8 million; +17.0%). This means that both absolute revenue and growth rates were
above those for the first and second quarters of this year.


Revenue in Germany for the period January to September 2006 rose by 10.8%, from
EUR 450.4 million to EUR 498.7 million. Foreign business continued its extremely buoyant
trend in the first nine months, growing by 24.2% to EUR 150.1 million (Q1-3
2005: EUR 120.7 million). Particularly high growth rates were recorded in France, Austria
and Belgium. The signs of a recovery in Sixt’s UK business that had begun to emerge in the
second quarter were confirmed in the third quarter.


Vehicle Rental EBT in the first three quarters rose by 61.2%, from EUR 52.6 million in Q1-3
2005 to EUR 84.8 million. The return on sales increased from 9.2% to 13.1%. For Q3 on its
own, EBT improved by 10% to EUR 28.4 million (Q3 2005: EUR 25.8 million).


The average number of rental vehicles throughout Europe was 53,300 in the first nine
months of 2006; this figure takes into account the activities in Spain which were included for
the first time. This represents growth of 10.6% compared with the average rental-fleet figure
for the same period of the previous year (48,200). Of the entire fleet, Germany accounted
for 37,400 vehicles compared with an average of 35,000 in the first three quarters of 2005,
an increase of 6.9%.




2.3 Leasing Business Unit

The Leasing Business Unit further optimised the quality of its products and services in the
third quarter. For example, an important function was added to FleetControl, the online
reporting tool for efficient vehicle fleet management. Now fleet managers can receive a
report of key fleet indicators, which improves cost control and allows optimal fleet
management.


As at the end of September, the Leasing segment had around 60,300 contracts throughout
Europe, up from 56,400 contracts as at 31 December 2005. This represents growth of 7%.
Contracts for the core business of full-service leasing or fleet management continue to
account for around 90% of the total. Sixt is one of the largest vendor-neutral, non-bank full-
service leasing companies, offering corporate and private customers a wide range of
services in addition to finance leasing.




                                                                                                 5
In the first nine months of 2006, the Business Unit generated leasing revenue of EUR 254.5
million. This represents an increase of 14.5% over the same period of 2005 (EUR 222.2
million). Foreign revenue grew by 25.4%, from EUR 15.6 million in the first nine months of
2005 to EUR 19.5 million.
In the third quarter, the Business Unit recorded growth of 11.8% to EUR 83.4 million, up
from EUR 74.6 million in the same period of the previous year.


Revenue from the sale of used leasing vehicles, which can fluctuate considerably from
quarter to quarter, was EUR 180.3 million in the first nine months, 17.9% lower than in the
prior year period (EUR 219.7 million). Overall, the segment recorded nine-month revenue of
EUR 434.8 million, after EUR 441.9 million in the prior-year period (-1.6%). EBT declined
slightly by 4.3% to EUR 10.9 million (Q1-3 2005: EUR 11.4 million) due to a one-off effect in
Q2. For Q3 on its own, EBT rose 4.0% from EUR 3.5 million in 2005 to EUR 3.6 million.




2.4 Outlook

On the basis of developments to date in the fourth quarter, the Managing Board remains
very optimistic for full-year 2006. The Board has confirmed its previous expectations for
consolidated operating revenue in full and has raised its earnings expectations once more.
Consolidated operating profit is expected to grow by more than the previously forecasted
25% from its 2005 base.




                                                                                                6
3. Consolidated Balance Sheet

Assets                                                Interim          Consolidated
                                                       report            financial
                                                                        statements
  EUR thou.                                      30 September 2006   31 December 2005

Current assets
  Cash and cash equivalents                                 25,860              43,317
  Current other receivables and assets                      75,807              63,550
  Trade receivables                                        178,916             112,733
  Inventories                                               24,412              23,891
  Rental vehicles                                          716,235             462,774
Total current assets                                     1,021,230             706,265

Non-current assets
  Deferred tax assets                                        3,559               6,371
  Non-current other receivables and assets                  14,024              14,851
  Financial assets                                           1,447               5,885
  Lease assets                                             495,445             523,266
  Investment property                                        3,298               3,324
  Property and equipment                                    35,477              35,066
  Intangible assets                                          4,424               3,544
  Goodwill                                                  18,442              18,442
Total non-current assets                                   576,116             610,749

Total assets                                             1,597,346           1,317,014


Equity and liabilities                                Interim          Consolidated
                                                       report            financial
                                                                        statements
  EUR thou.                                      30 September 2006   31 December 2005

Current liabilities and provisions
  Current other liabilities                                 47,914              27,638
  Current finance lease liabilities                         94,532              87,620
  Trade payables                                           281,602             203,967
  Current financial liabilities                            310,590             147,742
  Current other provisions                                  79,333              62,338
Total current liabilities and provisions                   813,971             529,305

Non-current liabilities and provisions
  Deferred tax liabilities                                   2,401              11,884
  Non-current other liabilities                              6,205              12,557
  Non-current finance lease liabilities                      2,118               1,197
  Non-current financial liabilities                        376,912             476,712
  Non-current other provisions                              15,197              19,549
Total non-current liabilities and provisions               402,833             521,899

Equity
  Subscribed capital                                        63,760              57,816
  Capital reserves                                         189,668             120,314
  Other reserves (including retained earnings)             125,544              86,100
  Minority interests                                         1,570               1,580
Total equity                                               380,542             265,810

Total equity and liabilities                             1,597,346           1,317,014




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4. Consolidated Statement of Changes in Equity

                              Subscribed     Capital       Other        Minority           Sixt
        EUR thou.               capital     reserves     reserves1)     interests         Group




1 January 2005                     57,611      119,236         43,996          1,606       222,449
Consolidated profit
Q1-3 2005                                                      38,216           161         38,377


Dividend payments                                             -13,623                       -13,623
2004

Other changes                        205         1,056            -56               35       1,240

30 September                       57,816      120,292         68,533          1,802       248,443
2005




                              Subscribed     Capital       Other        Minority           Sixt
        EUR thou.               capital     reserves     reserves1)     interests         Group




1 January 2006                     57,816      120,314         86,100          1,580       265,810

Capital increase                    5,944       69,226                                      75,170
Consolidated profit
Q1-3 2006                                                      59,511               -10     59,501


Dividend payments                                             -20,025                       -20,025
2005

Other changes                                     128             -42                             86

30 September                       63,760      189,668        125,544          1,570       380,542
2006

1)
     including retained earnings



As at the reporting date of 30 September 2006, the Sixt Group had total assets of EUR 1.60
billion, similar to the figure as at the end of the second quarter. This increase of 21.3% over
total assets as at 31 December 2005 is in line with the rapid expansion of operating
business in the year to date.


On the asset side of the balance sheet, current assets increased by EUR 315.0 million or
44.6%, compared with the end of December 2005, to EUR 1.02 billion, mainly due to the
significant increase in the number of vehicles and thus of rental assets (+ EUR 253.5 million
to EUR 716.2 million). Non-current assets fell by EUR 34.6 million or 5.7% to EUR 576.1
million. The decline is primarily due to changes in recognised lease assets (- EUR 27.8


                                                                                                       8
million to EUR 495.4 million), which were impacted by the fairly large volume of vehicle
sales made in Q1 for refinancing purposes.




The Group’s equity base, which continues to be very solid, is far above the average for the
rental and leasing sector and provides the foundation for further growth in Sixt’s operating
business. As at 30 September 2006, equity stood at EUR 380.5 million, EUR 114.7 million,
or 43.2% more than at the end of 2005. The growth was mainly the result of the capital
increase implemented in the second quarter (which provided net cash of EUR 70 million)
and strong earnings. The equity ratio as at the reporting date of 30 September 2006 was
23.8% (31 December 2005: 20.2%).


Non-current financial liabilities fell by EUR 99.8 million to EUR 376.9 million between the
end of December 2005 and the end of September 2006, primarily because borrower’s note
loans were reclassified to current liabilities when their remaining maturities fell below one
year. The item also includes the 2005 bond issue (nominal value EUR 225 million) and the
profit participation capital issued in 2004 (nominal value EUR 100 million).


Because of the reclassification of the borrower’s note loans, current liabilities increased by
EUR 162.8 million to EUR 310.6 million between the end of 2005 and 30 September 2006.
In addition, this increase reflects the large raise in the size of the rental fleet. Trade payables
amounted to EUR 281.6 million as at 30 September 2006, EUR 77.6 million more than at
the end of 2005; this increase was primarily caused by reporting date effects and the
general growth in business volume.


5. Consolidated Earnings Development

Consolidated Income Statement                                 Q 1-3       Q 1-3        Q3          Q3
- Nature of expense method - EUR thou.                        2006        2005        2006        2005

Revenue                                                       1,086,812   1,015,354    359,503        344,572
Other operating income                                           17,790      10,294      8,758          4,244
Fleet expenses and cost of lease assets                         467,691     461,407    147,344        156,146
Personnel expenses                                              74,885      70,936      24,964         23,688
Depreciation and amortisation expense1)                        203,480     183,354      67,306         57,401
Goodwill impairment                                                  0           0           0              0
Other operating expenses                                       231,483     210,695      78,898         76,692

Earnings before net finance costs and taxes (EBIT)             127,063      99,256      49,749         34,889

Net finance costs                                               -29,908     -33.988    -14,931         -6,111
(net interest expense and net income from financial assets)

Profit before taxes (EBT)                                       97,155      65,268      34,818         28,778



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Income tax expense                                                  37,654      26,891   13,932   11,730
Consolidated profit for the period                                  59,501      38,377   20,886   17,048
of which attributable to minority interests                            -10         161        0      130
of which attributable to shareholders of Sixt AG                    59,511      38,216   20,886   16,918


Earnings per share in EUR (basic)                                     2.52        1.70     0.84     0.75
Earnings per share in EUR (diluted)                                   2.48        1.68     0.82     0.75

Average number of shares 2) (basic / weighted)                   23,616,433 22,522,122
Average number of shares 2) (diluted / weighted)                 23,958,433 22,770,322

1) of which depreciation of rental vehicles:
  Q1-3 2006: EUR 136,493 thou. (Q1-3 2005: EUR 105,784 thou.),
  Q3 2006: EUR 47,361 thou. (Q3 2005: EUR 33,285 thou.)
  of which depreciation of lease assets:
  Q1-3 2006: EUR 62,377 thou. (Q1-3 2005: EUR 71,423 thou.),
  Q3 2006: EUR 18,733 thou. (Q3 2005: EUR 22,231 thou.)
2) Number of ordinary and preference shares, weighted average
   in the period




Fleet expenses and cost of lease assets for the period January to September grew by a
modest 1.4% to EUR 467.7 million (Q1-3 2005: EUR 461.4 million). The figure for the third
quarter was 5.6% lower than for the same quarter of the previous year, mainly because of
lower sales of leasing vehicles in connection with refinancing measures.


Personnel expenses rose by a moderate 5.6% to EUR 74.9 million in the first nine months,
in spite of an increase in the average number of employees. Depreciation and amortisation
expense rose to EUR 203.5 million (+11.0%) and thus more slowly than operating revenue
(Q1-3 2005: EUR 183.4 million). The 9.9% increase in other operating expenses to
EUR 231.5 million (Q1-3 2005: EUR 210.7 million) is attributable primarily to higher lease
payments due to increased lease refinancing of the fleet.


The Sixt Group's earnings before net finance costs and taxes (EBIT) for the first nine
months rose by 28.0% from EUR 99.3 million to EUR 127.1 million. In Q3 2006, EBIT rose
significantly by 42.6% year-on-year, from EUR 34.9 million to EUR 49.8 million.


Net finance costs amounted to EUR -29.9 million in the first nine months, EUR 4.1 million
less than in the same period of the previous year (EUR -34.0 million). The fair value
measurement of interest rate derivatives used in interest rate hedging transactions required
by IFRS had a negative effect on net finance costs in Q3. Net finance costs for the third
quarter were EUR -14.9 million (Q3 2005: EUR -6.1 million). The item also includes
impairment losses on financial assets with an amount of EUR 4.6 million.




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The Group reported consolidated EBT of EUR 97.2 million for the period from January to
September, up 48.9% on the first nine months of 2005 (EUR 65.3 million). At EUR 34.9
million, third-quarter EBT improved by 21.0% over the prior-year period figure (EUR 28.8
million).


Consolidated profit after minority interests for the first three quarters amounted to EUR 59.5
million, a year-on-year increase of 55.7% (Q1-3 2005: EUR 38.2 million). In Q3 2006,
consolidated profit grew by 23.5% to EUR 20.9 million (Q3 2005: EUR 16.9 million).


On the basis of 23.62 million outstanding shares (weighted average for the first nine
months), earnings per share (basic) for the period from January to September amounted to
EUR 2.52, after EUR 1.70 in the first three quarters of 2005. Diluted earnings per share,
which reflects the dilutive effect of convertible bonds issued to employees, amounted to
EUR 2.48 (previous year: EUR 1.68).


6. Consolidated Cash Flow Statement

Consolidated cash flow statement                                       Q 1-3           Q 1-3
EUR thou.                                                              2006            2005


Operating activities
Consolidated profit for the period                                        59,501          38,377
Amortisation of intangible assets                                              733             56
Depreciation of property and equipment                                     3,877           6,091
Depreciation of lease assets                                              62,377          71,423
Depreciation of rental vehicles                                          136,493        105,784
Impairment losses on financial assets                                      4,659                 0
Cash flow                                                                267,640        221,731


Change in non-current other receivables and assets                             827             287
Change in deferred tax assets                                              2,812           4,985
Change in rental vehicles, net                                          -389,954        -201,322
Change in inventories                                                         -521        18,332
Change in trade receivables                                              -66,183          -9,045
Change in current other receivables and assets                           -12,257           9,832
Change in non-current provisions                                          -4,352           5,927
Change in non-current other liabilities                                   -5,431         -20,909
Change in deferred tax liabilities                                        -9,483               193
Change in current provisions                                              16,995          10,394
Change in current financial liabilities                                  162,848        -179,741
Change in trade payables                                                  77,635          89,192
Change in current other liabilities                                       27,188         -35,534
Net cash flows from / used in operating activities                        67,764         -85,678




                                                                                                 11
Investing activities
Proceeds from disposal of intangible assets, property and equipment          1,018           532
Proceeds from disposal of lease assets                                     249,221       342,361
Proceeds from disposal of financial assets                                       0            20
Payments to acquire intangible assets, property and equipment                -6,679        -3,912
Payments to acquire lease assets                                           -283,777      -391,951
Payments to acquire financial assets                                          -350            -40
Changes in intangible assets, property and equipment
attributable to changes in reporting entity structure                         -213             0
Changes in financial assets
attributable to changes in reporting entity structure                          128            19
Net cash flows used in investing activities                                 -40,652       -52,971


Financing activities
Increase in share capital                                                    5,944           205
Increase in capital reserves                                                69,354         1,056
Change in other reserves and minority interests                                 -42           -21
Dividends paid                                                              -20,025       -13,623
Proceeds from issuance of/repayment of non-current financial liabilities    -99,800      149,654
Net cash flows used in / from financing activities                          -44,569      137,271


Net change in cash and cash equivalents                                     -17,457        -1,378


Cash and cash equivalents at 1 January                                      43,317        36,913
Cash and cash equivalents at 30 September                                   25,860        35,535




The Group's net cash provided by operating activities amounted to EUR 67.8 million,
compared with net cash used of EUR 85.7 million in the previous year. On the one hand,
large volumes of funds were utilised due to the higher volume of rental assets and trade
receivables, while cash flow and current financial liabilities increased on the other.
Investing activities, particularly in the area of lease assets, used net cash of EUR 40.7
million (Q1-3 2005: EUR 53.0 million).
Cash used in financing activities of EUR 44.6 million was dominated firstly by the capital
increase in the second quarter of the year under review and secondly by the reduction in
non-current financial liabilities (borrower’s note loans). In the previous year, there was a
cash inflow of EUR 137.3 million, mainly because of a bond issue.
Total cash and cash equivalents as at 30 September 2006 amounted to EUR 25.9 million, a
reduction of EUR 17.5 million.




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7. Other Information about the Group

7.1 Accounting

The consolidated interim report of Sixt AG as at 30 September 2006 was prepared in
accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU
and effective as at the reporting date. The term IFRSs also covers the International
Accounting Standards (lASs) still in effect. All Interpretations of the International Financial
Reporting Interpretations Committee (IFRIC) and the former Standing Interpretations
Committee (SIC) that are effective as at the reporting date have been applied.


7.2 Accounting Policies, Consolidated Group

In the period covered by this consolidated interim report, there have been no changes in the
accounting policies applied in the consolidated financial statements for the period ended
31 December 2005. The Spanish rental company “Sixt rent a car S.L.”, Palma de Mallorca,
was consolidated for the first time.


7.3 Sixt Group Revenue Development

EUR million                     Q1-3      Q1-3      Change          Q3         Q3        Change
                                2006      2005       in %          2006       2005        in %

Operating revenue                903.3      793.4     + 13.9        313.6        271.4    + 15.6

   thereof Vehicle               648.8      571.2     + 13.6        230.2        196.8    + 17.0
   Rental
   thereof Leasing               254.5      222.2     + 14.5         83.4         74.6    + 11.8

Leasing sales                    180.3      219.7     - 17.9         44.8         72.3     - 38.0
revenue

Other revenue                      3.2        2.3     + 37.1           1.1         0.9      + 9.0

Consolidated                   1,086.8    1,015.4       + 7.0       359.5        344.6      + 4.3
revenue




7.4 Segment Reporting

The Sixt Group is active in the two main business areas of vehicle rental and leasing.
Excluding revenue from vehicle sales, the revenue from these activities is also described as
"operating revenue". Activities that cannot be allocated to these segments, such as
financing, holding company activities, real estate leasing, or e-commerce transactions, are
combined in the "Other" segment.



                                                                                                  13
 By                                                                                                                     Sixt
                             Rental                  Leasing                     Other          Transitions
 business unit                                                                                                         Group
 EUR million               2006     2005           2006         2005       2006       2005      2006     2005       2006         2005


 External revenue          648.8    571.2          434.8       441.9            3.2      2.3      0.0      0.0    1,086.8    1,015.4

 Internal revenue             3.8      4.0          18.1         24.9           1.8      2.0    -23.7    -30.9        0.0          0.0

 Total revenue             652.6    575.2          452.9       466.8            5.0      4.3    -23.7    -30.9    1,086.8    1,015.4
 Depreciation/
 amortisation              140.7    111.6           62.5         71.5           0.3      0.3      0.0      0.0     203.5         183.4

 EBIT1)                    103.0      77.1          24.3         27.2          -0.2   -5.1        0.0      0.1     127.1          99.3
 Net finance
 costs2)                   -18.2    -24.5          -13.4        -15.8           1.7      6.3      0.0      0.0      -29.9        -34.0

 EBT3)                      84.8      52.6          10.9         11.4           1.5      1.2      0.0      0.1      97.2          65.3

 Investments4)                6.6      3.9         284.1       392.0            0.3      0.0      0.0      0.0     291.0         395.9

 Assets                  1,037.4    842.9          593.2       569.2      885.2 765.6          -918.5   -877.3    1,597.3    1,300.4

 Liabilities               908.4    763.9          521.1       538.7      597.4 505.2          -810.1   -755.7    1,216.8    1,051.9

 Employees5)               1,747    1,677            217         206            19       18        0          0    1,983         1,901



 By                                                                                                                     Sixt
                                                     Germany                    Abroad          Transitions
 region                                                                                                                Group
 EUR million                                       2006         2005       2006       2005      2006     2005       2006         2005


 Total revenue                                     916.1       873.4      173.4 143.5            -2.7     -1.5    1,086.8    1,015.4


 Investments4)                                     271.7       369.5           19.3   26.4        0.0      0.0     291.0         395.9


 Assets                                          1,316.1     1,080.9      435.9 338.1          -154.7   -118.6    1,597.3    1,300.4

1)
   Corresponds to earnings before net finance costs and taxes (EBIT)
2)
   Corresponds to net interest expense plus net income from financial assets
3)
   Corresponds to profit before taxes (EBT)
4)
   Excluding rental vehicles
5)
   Annual average, basis of consolidation modified




7.5 Employees

As a result of its continued growth, Sixt’s headcount increased again in the third quarter.
The average number of employees in the first nine months of 2006 was 1,983. This
represents an increase of 82 employees, or 4.3% compared with the average figure for the
prior-year period (1,901). The increase in the number of employees was particularly



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significant in Vehicle Rental in Germany (+72). The average number of employees in
Germany increased by a total of 79 to 1,460. In other countries, the average headcount
increased by 3 to 523 in the first nine months, especially due to the first-time inclusion of the
activities in Spain.


7.6 Investments

In the period from January to September of this year, the Sixt Group added approximately
98,300 vehicles (prior-year period: 88,500) with a total value of approximately EUR 2.2
billion (prior-year period: approximately EUR 2.0 billion) to its rental and leasing fleet. This
represents an increase of approximately 11% in the number and value of vehicles. For full-
year 2006, the Managing Board continues to expect higher investments than in 2005
(approximately EUR 2.6 billion).




Pullach, 16 November 2006
Sixt Aktiengesellschaft
The Managing Board




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